Financial Counseling

Clock tower in center of downtown Palatka, FL with bridge and water in distance

At First Coast Community Credit Union, we’re committed to helping you manage your finances and achieve your financial goals. Whether you’re looking to get out of debt, build healthier financial habits, or plan for the future, we offer credit counseling and a range of helpful resources to guide you every step of the way

Why Choose FCCCU for Credit Counseling?

Personalized Advice: Our team take the time to understand your unique financial situation and provide tailored solutions.

Nonprofit and Member-Focused. As a nonprofit credit union, our goal is to help you achieve financial stability, not to make a profit off your struggles.

Free and Confidential. Our services are completely free, and all information you share is kept confidential.

We’re here to help you take control of your financial future. If you’re ready to get started, contact us today to schedule a free credit information session. Together, we’ll work toward reducing your debt and building a stronger financial foundation for tomorrow.

What We Offer

Personalized Planning

Our experienced team will work with you one-on-one to assess your financial situation, help you understand your debts, and create a personalized plan for managing and reducing your debt.

Budgeting Advice

We’ll help you develop a realistic budget that balances your needs, wants, and savings. We provide strategies for cutting unnecessary expenses, managing your monthly obligations, and saving for the future.

Helpful Tips to Manage Your Finances

Start by reviewing your bank statements and categorizing your spending. Check your bank statement for recurring payments and assess if you still need these services. Identify areas where you may be overspending or paying for things you no longer need. This will help you create a budget and find ways to reduce unnecessary expenses. Group your debts by interest rates and payment structures—high interest, low or zero interest, and fixed-rate debts. For each debt, note the creditor’s name, total balance, monthly payment, interest rate, and promotional interest rate expiration dates.

Whether it’s paying off debt, saving for a down payment, or building an emergency fund, having clear financial goals helps you stay focused. Break down larger goals into smaller, manageable steps, and track your progress.

Use the 50/30/20 rule as a simple framework for budgeting:

    • 50% for Needs: Essential expenses like housing, utilities, groceries, and transportation.
    • 30% for Wants: Non-essential items like dining out, entertainment, and shopping.
    • 20% for Savings and Debt Repayment: Set aside a portion for savings and extra payments toward high-interest debts.

When paying down debt, focus on paying off high-interest debts first (such as credit cards), as they cost you more in the long run. This can be done by paying the minimum on all debts, but putting any extra toward the debt with the highest interest rate.

Alternatively, pay the minimum on all debts and direct any extra money toward the smallest debt first. Once the smallest debt is paid off, move that money toward the next smallest debt. This method can help you stay motivated as you see your debts disappear.

Regularly check your credit report for accuracy. Dispute any errors you find, as they could be negatively impacting your credit score. A good credit score is essential for getting better interest rates on loans and credit cards.

If possible, avoid taking on additional debt while paying off existing obligations. This may require making temporary sacrifices, but it will help you regain financial stability.

An emergency fund is crucial for financial security. Aim to save at least 3-6 months’ worth of expenses in a liquid, accessible account, like a savings account or money market account.

If you have a credit card, make sure you’re paying off the balance in full each month to avoid interest charges. Avoid maxing out your credit limit, as it can negatively affect your credit score.

If you’re feeling overwhelmed by debt or unsure of where to start, don’t hesitate to reach out to our credit counseling services. FCCCU counselors are here to help you understand your options

Professional Debt Settlement vs. Credit Counseling: Understanding Your Options

Debt Settlement

Debt settlement companies are for-profit entities that charge a fee for their services. They don’t always negotiate a reduction in the debt amount and are prohibited from charging upfront fees before successfully resolving the debt. These companies typically require you to save a lump sum in a dedicated account, which they will use to settle your debt. They may advise you to stop making payments on your debts until the settlement is reached, which can negatively impact your credit score. In essence, they help you eliminate debt for a fee but don’t provide guidance on maintaining financial stability afterward.

Credit Counseling

Credit counseling organizations are usually nonprofit entities. They may charge a small fee, or no fee at all, depending on your financial situation. These organizations work with creditors to negotiate lower debts and offer counseling to help you improve your financial habits and plan for a better future. Many also offer free community workshops and classes to help you manage finances moving forward, not just pay off existing bills. They will teach you how to stick to a budget. In short, they help you get out of debt and teach you how to stay debt-free.

Debt Settlement

Debt settlement companies are for-profit entities that charge a fee for their services. They don’t always negotiate a reduction in the debt amount and are prohibited from charging upfront fees before successfully resolving the debt. These companies typically require you to save a lump sum in a dedicated account, which they will use to settle your debt. They may advise you to stop making payments on your debts until the settlement is reached, which can negatively impact your credit score. In essence, they help you eliminate debt for a fee but don’t provide guidance on maintaining financial stability afterward.

Credit Counseling

Credit counseling organizations are usually nonprofit entities. They may charge a small fee, or no fee at all, depending on your financial situation. These organizations work with creditors to negotiate lower debts and offer counseling to help you improve your financial habits and plan for a better future. Many also offer free community workshops and classes to help you manage finances moving forward, not just pay off existing bills. They will teach you how to stick to a budget. In short, they help you get out of debt and teach you how to stay debt-free.

Are You Ready to Take the First Step?

Complete the form below and we will be in touch to discuss the next steps.

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